The company’s shift to owner-operator status—its first full quarter under this structure since 2019—saw a 42% increase in development metres and a 65% rise in longhole drilling. These operational improvements are designed to support a planned ramp-up toward 4,800 tonnes per day by year-end. While production dipped compared to the first quarter, management noted that newly developed mining areas are expected to improve performance in coming periods.
Hemlo Mining reports Q2 growth, targets production ramp-up
Hemlo Mining Corp. delivered 25,188 ounces of attributable gold in the second quarter of 2026, marking a period of transition as the company shifted to an owner-operator model. Despite a temporary decline in output due to mine sequencing, the firm reported $142.5 million in revenue and $31.0 million in net income.
Financial results were bolstered by a 34% increase in Measured and Indicated Mineral Resources, adding 1.2 million ounces of gold. During the quarter, the Toronto-based miner also completed an Impact Benefit Agreement with the Biigtigong Nishnaabeg, graduated to the Toronto Stock Exchange, and maintained a safety record of three consecutive years without a lost-time injury. As of June 30, 2026, the company held $130.2 million in cash.
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